Survey of Accounting whipple Exam Questions and Correct Answers Already Passed
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Survey of Accounting whipple
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Survey Of Accounting Whipple
Survey of Accounting whipple Exam Questions and Correct Answers Already Passed
accounting - Answers the language of business
Sole Proprietorship - Answers A business owned by one person
partnership - Answers a business owned by two or more people
corporation - Answers A business owned by stock...
Survey of Accounting whipple Exam Questions and Correct Answers Already Passed
accounting - Answers the language of business
Sole Proprietorship - Answers A business owned by one person
partnership - Answers a business owned by two or more people
corporation - Answers A business owned by stockholders
limited liability company (llc) - Answers the owners are only liable to what they put into the business
service company - Answers provides a service
merchandise company - Answers makes own products or sells products they get from other companies
manufacturer's - Answers companies that makes products
bookkeeping - Answers the recording of business transactions
assets - Answers property that we are able to use by a company, business owned, a value
equities - Answers Financial rights to the assets of a business
liabilities - Answers the obligation that comes due in the future
owe a creditor for something that is not paid off
creditor - Answers who we owe money to. someone who has claimed assets (has equity)
owners equity - Answers the owners right or financial claim to those assets
What is the basic accounting equation? - Answers Assets = Liabilities + Owner's Equity
capital - Answers the owners specific investment in the company (ownership)
supplies - Answers assets that we assume that need to be replenished regularly
equipment - Answers expect to be around for a long time
shift in assets - Answers occurs when we move from one asset to another
accounts payable - Answers an account that we (the business) use so we know who we owe money to
(we need to pay)
paying debt
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